Korean Firms Keen to Invest in Iran

The President of public think tank Korea Energy Economics Institute (KEEI) says Korean companies are eager to invest in Iran’s energy sector given the country’s role in energy markets.

Park Joo-heon said there are many Korean elites who think Iran is key in energy sector and Seoul has been seeking to broaden its relations with Tehran in the wake of removed international sanctions on the country’s nuclear pogrom.

He said his country needs to diversify foreign resources from which it relies on to supply 96 percent of its growing energy needs, adding Iran can be very instrumental in this regard.

Following the signature of a cooperation document with Iran’s Institute of International Energy Studies (IIES) in Tehran on Tuesday, Park said South Korea enjoys vast technological capabilities that can be transferred to Iran.

IIES and KEEI signed a memorandum of understanding (MoU) on expansion of bilateral cooperation in the field of energy on Tuesday.

IIES President Hossein Iranmanesh and Park signed the document for their respective institutions.

The MoU authorizes cooperation in joint projects, launching training workshops and exchange of experts and research fellows.

IIES Managing Director Yongduk Pak also welcomed signing of the MoU with IIES and told Shana that it will facilitate energy ties between Tehran and Seoul.

There was also a workshop on introducing the activities of IIES and KEEI to help reaching a common understanding.